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Liberty Corporation reported the following financial statements: (Click the icon to view the financial statements.) Vertical analysis of Liberty's balance sheet for 2017 would report
Liberty Corporation reported the following financial statements: (Click the icon to view the financial statements.) Vertical analysis of Liberty's balance sheet for 2017 would report O A. Cash as 9.50% of total assets. B. inventory turnover of 6 times. C. a current ratio of 1.01. D. a 17% increase in Cash. Liberty Corporation Comparative Balance Sheet December 31, 2017 and 2016 2017 2016 Assets Current Assets: Cash and Cash Equivalents $ 2,450 $ 2,094 Accounts Receivable 1,813 1,611 Merchandise Inventory 1,324 1,709 1,060 2,120 Prepaid Expenses Total Current Assets 7,296 18,500 6,885 15,737 Other Assets $ 25,796 $ 22,622 Total Assets Liabilities Current Liabilities 7,230 $ 4,798 8,467 3,792 Long-term Liabilities Total Liabilities 12,028 12,259 Stockholders' Equity Stockholders' Equity Common Stock, no par 6,568 7,200 4,363 6,000 Retained Earnings Total Stockholders' Equity 13,768 10,363 $ 25,796 $ 22,622 Total Liabilities and Stockholders' Equity Liberty Corporation Income Statement Year Ended December 31, 2017 Net Sales 20,941 7,055 Cost of Goods Sold Gross Profit 13,886 7,065 Operating Expenses Operating Income 6,821 210 Interest Expense Income Before Income Taxes 6,611 2,563 Income Tax Expense 4,048 Net Income
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